first-chinese-developer-to-go-public-in-2010-raises-201-million

First Chinese developer to go public in 2010 raises $201 million

The deal for China SCE Property comes together despite encountering headwinds during marketing, including a falling secondary market.

After a three-day delay, sources finally confirmed yesterday that China SCE Property Holdings will become the first Chinese developer to list this year. The Fujian-based company raised HK$1.56 billion $201 million after pricing its initial public offering at the bottom of the indicated range and will start trading in Hong Kong on Friday.

Market talk suggested the deal was thinly covered and included few major institutional investors, which was perhaps not too surprising given the glut of Chinese real estate companies that have come to market in the past three months. There has also been ongoing speculation that Beijing will take further action to limit the rise in property prices and that China may...

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